Akebia Therapeutics (AKBA) Wells Fargo 20th Annual Healthcare Conference 2025 summary

Business overview and product focus

• Focused on kidney disease with two commercial products: Auryxia (phosphate binder) and Vafseo (oral anemia therapy for CKD patients on dialysis).

• Vafseo launched in January, targeting a billion-dollar U.S. market and aiming for label expansion into non-dialysis CKD, a multi-billion-dollar opportunity.

• Vafseo leverages hypoxia-inducible factor technology, offering a physiological approach to anemia treatment with oral dosing.

• Financially strong, ending Q2 with $137 million in cash and projecting profitability.

• Auryxia continues to perform well post-exclusivity, with sequential revenue growth and limited generic competition.

Commercial launch and market access

• Vafseo generated $13.3 million in Q2 revenue, with contracts covering nearly 100% of U.S. dialysis patients.

• Prescriber base grew from 640 in Q1 to 725 in Q2, with average prescriptions per prescriber also increasing.

• Prescribing access expanded from 40,000 to a projected 275,000 patients by year-end, driven by protocol adoption at major dialysis organizations.

• DaVita initiated a pilot in over 100 clinics, expected to open access to 200,000 patients post-pilot.

• US Renal Care and other mid-sized organizations have rapidly adopted Vafseo, with over 80% of their physicians prescribing.

Clinical value and differentiation

• Vafseo stimulates natural EPO production and iron mobilization, offering consistent hemoglobin control and fewer dose modifications compared to ESAs.

• Especially beneficial for home dialysis and high ESA dose patients, addressing safety and convenience gaps.

• Dose titration in real-world use aligns with pivotal clinical trial data, supporting efficacy and revenue growth.

• Physicians and clinic staff have shown strong advocacy and engagement, with high attendance at educational programs.